November canola down $14.00/mt, December soybean oil is down 1.87 cents/pound, August European rapeseed is down 6.50 euro/mt and September Malaysian palm oil is down .46%. December oats are up 15 3/4 cents/bushel while November European corn is up .25 euro/mt. August crude oil is down $.76/barrel, August ULSD is up $.0268/gallon, and the September Canadian dollar is down .00005 at .70640. The September U.S. Dollar Index is up .053 at 100.930 and the July Brazilian real is down .00035 at 0.19310.

Canola is lower with a variety of reasons to choose from. Besides a very weak soybean oil market, in their annual Principal field crop area report -- Statistics Canada estimated 2026 canola acres at 23.442 million, a new record if attained and exceeding last year's 21.623 million, the March estimate of 21.84 million and even the pre-report average estimate of 22.8 million acres. There was a wide range going into the report with the highest estimate being 24 million acres, so today's forecast did fall within the range predictions. It's worth noting that the data was based on a survey conducted from May 15 to June 12 so farmers would have still been optimistic about getting all intended acres seeded. As the June 20 deadline for crop insurance passed, it was clear that some area will go unseeded this year with flooding rains in June surely to take more than normal.

Oats are sharply higher with wheat markets mixed but being led by Minneapolis contracts on bullish data from Statistics Canada Tuesday morning. Oat acres came in at 2.545 million compared to 3 million last year and expectations for close to the same this year (2.9 in the March report and 2.8 million expected). Wheat was a greater miss but not on a percentage basis. Total wheat area came in at 25.33 million acres (ma) compared to 26.925 last year, 26.74 ma estimated in March and expectations going into the report of 26.3 ma being seeded. Spring wheat acres came in 800,000 below last year, March totals and pre-report estimates.

Otherwise, grain and oilseed markets are extending losses going into the USDA reports due out shortly (planted acreage and June 1 stocks) as well as month and quarter-end.

Outside markets are mixed as stocks maintain their gains while treasuries have backed off and are now trading lower. The U.S. dollar has also given up most of its overnight rally and is now only quietly higher.

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